Index trend and stocks in action April 25, 2019

The Nifty snapped its three-day losing streak and jumped about 150 points to close above the 11,700 mark. The start of the day was on a positive note, but thereafter, Nifty moved in a capped range. Nevertheless, even with Nifty's up and down moves, the bulls managed to defend its crucial support level of 11,549. In the last leg of trading, bulls came out with all guns blazing and Nifty managed to closed near the day’s high. The price action formed a sizeable bull candle near the important support zone. Since, the upmove from the February 19 low of 10,585, Nifty has maintained its 'no correction' pattern for more than three consecutive trading sessions. Going ahead, we expect the upward momentum to continue, while on the upside, Nifty might face resistance around the 11,760 level. However, sustaining above the level of 11,760 will set the stage for reclaiming the all-time high level of 11,856. On the downside, immediate support is seen around the level of 11,630, which happens to be the 20-day moving average. Volatility is likely to be elevated on the eve of the April derivative series expiry. 

Oriental Hotels: A board meeting is scheduled to be held on April 25, 2019, to consider issue of non-convertible debentures or other debt securities on a private placement basis for raising funds during FY2019–20.

Bank of Maharashtra: The board of directors of bank at its meeting scheduled to be held on April 29 will consider the proposal of raising of capital through FPO/rights issue/ QIP/preferential issue or any other mode or combination thereof and or through issue of bonds or such other securities.

IPCA Laboratories: The company has entered into a share purchase agreement (SPA) to acquire 100% paid-up share capital of Ramdev Chemical Private Limited engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients for cash consideration of Rs 108.50 crore.

SBI: The board has approved raising long term fund in single/multiple tranches up to US$ 2.5 billion via different routes for FY2019-20.

FDC: The company’s non-sterile manufacturing facility located at Aurangabad, Maharashtra, had recently undergone an inspection by PIC/S Malaysia and it continues to be approved. Hence, the company continues to export oral liquid, oral powder and external powder products.

Jet Airways: Jet Airways has clarified on the news item captioned ‘British entrepreneur offers to take control of Jet Airways’ that an unsolicited email communication was received by the company, as mentioned in the abovementioned news item, and the sender has been advised to formally engage with SBI Caps, who are leading the bidding process under resolution plan initiated by consortium of domestic lenders led by State Bank of India.

L&T: The company has issued NCDs aggregating Rs 1500 crore on April 18, 2019.